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NetEase’s Music App Gets Exchange Approval for Hong Kong IPO

  • Cloud Village could raise about $1 billion in the IPO
  • Company plans to start gauging investor demand next week

Cloud Village Inc., the music streaming arm of Chinese gaming giant NetEase Inc., has won approval from the Hong Kong stock exchange for an initial public offering, according to people familiar with the matter.

The unit plans to start gauging investor demand for its offering as soon as next week, the people said, asking not to be identified as the information is private. An IPO could raise about $1 billion, Bloomberg News reported in May.